Why Should You Outsource Your Accounting?

The future of accounting services is shifting as clients are looking to accounting firms for real assistance in growing their businesses and not mere compliance resourcing. 

Outsourcing takes care of compliance work at a drastically reduced cost so that accountants can engage with their clients on a more business advisory basis, giving companies a definite business advantage. 

Accounting firms today face many pressures such as reducing margins, dealing with increased staff costs, and coping with the workflow bottlenecks that occur annually during key tax periods. 

An outsource compliance partner can take care of all these issues, giving an accounting firm the time and resources needed to focus on nurturing client relations and growing their own businesses. 

Outsourcing is not about firing or replacing existing staff, rather it is about freeing up time for your existing team to focus on the real needs of the business and its clients.

Freedom from the continuous pressure of ongoing compliance work will also allow more time for training and increasing the skills of an accounting team.

Outsourced Accounting Services

A shift to outsourcing comes with certain challenges and an essential part of the services that can be expected from an outsource partner will include assistance and full implementation support in transitioning to an outsourcing model.

As the protocols of each accounting firm differ slightly from others, a worker from the outside will need to become familiar with the specific processes of a firm and even have to adapt to different cultures. 

Usually, a dedicated team will be provided to give the business greater stability within the outsourcing process. 

In addition, a dedicated account manager will work with the accounting team in order to better understand the specific challenges and opportunities that are being faced. 

In order to ensure that they stay in step with the needs of the business, your requests will be fielded by a service desk that will act as a coordination point and ensuring that you are kept informed at every step.

Accounting Services Provided

Some of the accounting services provided by an outsourcing model include:

• Income tax returns

• Annual financial reporting

• BAS preparation

• FBT returns

• SMSF Audit assistance

• SMSF compliance

• Ledger and fixed asset conversion to accounting software packages

The Benefits of Outsourcing Accounting Services

Outsourcing accounting and payroll services will definitely help to streamline the core business operations of any organisation. 

Even though these services are generally considered to be ‘non-core’, they form an integral part of any organisation’s systematic functions and operational capabilities. 

Some of the key advantages of outsourcing these services include:

1. Attaining a High Level of Accuracy

The smooth and efficient handling of accounting and payroll services by outsourcing services can achieve accurate results as high as 99.95% which in turn will ensure better management of back-office functions.

2. Cost-Effective

Cost-effectiveness is one of the major advantages of outsourced accounting and payroll services. 

The huge amount saved on operational costs can be channelled towards funding core business processes.

3. Fraud Control

Outsourcing accounting and payroll services can help prevent possible fraud by internal staff within an organisation. 

Professional outsourcing service providers are responsible for the quality of control and accuracy in each and every transaction.

4. Efficient Payroll Processing

Efficient payroll processing ensures staff payments are made on-time through direct deposits that keep staff satisfied, leading to increased productivity and business augmentation.

5. Accurate Tax Filings

Accurate payroll processing can save money by avoiding tax penalties due to inappropriate payroll management that often leads to inaccurate tax filings.

6. Up-to-Date Technology

Due to technological advancements, the market is continuously changing. 

Through systematic outsourcing of accounting services, companies are able to take advantage of such progressive technology.

7. Saving on Processing Time

Accounting processes are time-consuming and companies can easily lose focus and neglect core competencies while trying to keep up. 

Outsourcing can free up time that can be used for value-added and revenue-generating tasks.

8. Benefiting from the Expertise of Professionals

Experienced professionals are hired by outsourced financial service providers to perform accounting services for their clients. 

These experts are able to provide valuable and timely advice and tips when companies expand and their processes need to become more sophisticated.

9. Bank Reconciliation Processes

Keeping track of payments during the roll-out of pay cheques every month can be extremely time consuming and tedious. 

By delegating this task to outsource payroll services a lot of time and effort can be saved.

Final Thoughts

Outsourcing all accounting and payroll services will ensure peace of mind that all compliance work has been done professionally and efficiently at a drastically reduced cost. 

All relative information can be obtained at any time for a meeting or auditing purposes. 

With advanced software, management is able to review personalised reports at any time, saving time when it comes to making important financial decisions. 

Last but not least, an outsource compliance partner can give your company the time and resources it needs to focus on growing your business and nurturing client relations.

If you are looking for a reliable and trustworthy accounting firm, look no further than Dillon & Elbourn Pty. Ltd. 

We will provide you with the security, confidence and individual attention you and your business deserves. We’re experts with numbers, but we’ll never treat you like one!

Please call us today on 02 4987 2294 or contact us through our website.